Good news for consumer auto lenders, with vehicle sales on the rise, consumer satisfaction with financing providers continues to increase. According to J.D. Power’s 2013 U.S. Consumer Financing Satisfaction Study, roughly 95% of auto consumers indicated that, thanks to a positive customer service experience, they would patronize the same lender when purchasing a new vehicle or recommend them to a friend or family member. The study’s subjects – representing buyers of luxury as well as non-luxury vehicles – pointed out satisfaction with lender communication, prompt account updates, and customer service as the most important factors in a satisfying car financing experience. In the crowded retail automotive industry, consumers are faced with many choices when looking for auto financing. Consumers are looking for more than just a good interest rate – they are also looking for positive onboarding and easy finance servicing experiences.
The most successful lenders know the keys to a satisfying consumer experience. Lenders understand that clarity in communicating financial concepts such as rates and terms of sales contracts must be present in every customer contact. This clarity also needs to be apparent in tools that allow customers to self-service their accounts. In this age of rapidly changing and improving technology, customers expect features like account and payment alerts and the availability of auto pay options. These tools are not only beneficial to consumers – the ability for customers to monitor and maintain their own account results in increased operational efficiency and cost-savings for lenders. When customers set up auto pay, the reduction in delinquency is great. Successful lenders are also mindful of the common problems associated with payment processing and posting and do their best to minimize the risk of them occurring in the first place. Designing a customer communications experience that drives loyalty is easy when you’ve got the right solution – and CEDAR’s Sunrise Consumer Portal could be the one for your organization.